Home Equity Take Outs
What if your home equity could pay for the renovation?
A Mortgage Broker can help you access your net worth.
For most people, the largest portion of their net worth is in their home. An equity take out refinance involves refinancing your mortgage for an amount higher than you currently owe, and taking the difference away as cash that can be used for other purchases. Commonly people use this equity to pay for :
- Down Payment for a Vacation Property
- Unexpected Large Expenses
With home and property value raising almost exponentially over recent years, it is highly likely you have built up a substantial amount of equity in your home. Typically an equity take out mortgage makes more financial sense than other borrowing options with higher interest rates than property backed loans.
How to apply for a home equity loan.
If you own a home and have at least 20% equity in that property, you likely qualify or a home equity take out refinance.
The next step is to speak with a broker to start exploring what options are available for you and are best suited to your goals and future plans. If you're ready to get started with a home equity take out, give me a shout!